Pakistan assures IMF of $8 billion external payments: Report

Islamabad: Cash-strapped Pakistan has provided the IMF with a financing plan for external payments, in which it has informed the global lender that it will arrange USD 8 billion for the purpose instead of USD 6 billion, according to a media report on

Saturday.

The Pakistan government and the International Monetary Fund (IMF) reached a long-awaited staff-level agreement on June 29 to inject USD 3 billion Standby Arrangement (SBA) into the ailing economy after months-long negotiations that pushed the country to the brink of default.

The Executive Board of the IMF will meet on July 12 to review the SBA for Pakistan

According to sources in the finance ministry, the IMF had asked Pakistan for assurances of USD 6 billion for external payments, The Express Tribune newspaper reported.

However, the sources added that Pakistan had given the IMF assurances of USD 8 billion for external payments.

The sources said China would provide USD 3.5 billion to Pakistan of which Islamabad would keep USD 2 billion in deposits, while the commercial banks of Beijing would provide the country with USD 1.5 billion.

Besides, Saudi Arabia and the UAE will provide USD 2 billion and USD 1 billion to Pakistan, respectively.

Pakistan will also receive USD 500 million from the World Bank in addition to the Asian Infrastructure Investment Bank's USD 250 million.

The finance ministry officials said the USD 350 million pledged during the Geneva Conference would also come to Pakistan.

The government has set a target to raise a record-high debt-financing of Rs 11.10 trillion from domestic commercial and Shariah-compliant banks in the first three months of the current fiscal year.